Hi Michael!

> Too much action without thought is
> dangerous. Look at children. There appears
> to be no thought behind a lot of their
> actions. And some are so action oriented
> they'll just up and fall over while running
> around.

> On the otherhand, too much thinking gets
> nothing done.

> A moderation of both and you're on your way.

Great point. We need to balance the two....!

By the way, Michael, thanks to your ideas I've been making some checklists for my projects....

What I used to do before was to make "to do" lists for the day. But for some reason I never really liked that method.... I think it's because I tend to like to see the overall picture, and a "to do" list doesn't give you the overall picture for a project.

What I'm doing now, based on your advice, is to first list down the "projects" or tasks I'm doing. (Both big and small.)

Then I'm making separate checklists for each project. What you said is true -- it forces you to think through each project, exactly what's required. It's very useful!

Then I can go through the checklists, working through the items for a project.

I've created a few of the checklists now, and I've already checked several items. I already feel more organized and empowered. :)

What a wonderful way to start the new year! :)

> And while I'm on the subject of Thinking and
> Acting I'm reminded of a book I stumbled
> across years ago in a moment of
> synchronicity.

> The author used the term "Thought -
> Word - Action".

> Everything begins with a Thought. The
> Thought is set in motion by your Word. And
> the results are obtained by following up
> your Word with Action.

> Think about something. Say it aloud. Then do
> it!

That's good advice. :)

> Onward.

> Funny thing about how I came across that
> book. Just as funny about how I came across
> my hard-cover version of Donald Trump's The
> Art of Staying On Top.

> I just happened to wander into bookstores
> I'd never been in before and saw them there
> and bought them.

> What's the big deal about that?

> Only that both had been out of print for a
> long time - so I was told. And neither book
> store remembered ordering the books in -
> that's how long they must have been stuck in
> a back room somewhere.

I believe there's a wealth of information in many of the "classic" books. I know I've learned a lot from some of them....

A few months ago I picked up a second-hand copy of "The Magic of Thinking Big" by David Schwartz. It's a classic, and an excellent and powerful book! It was written, I think, in the 1960s, but it is every bit as powerful and true today as it was back then. I highly recommend it. (It fits in with the thread of having high goals!)

Also, since you mentioned Donald Trump, a few months ago I located a second-hand copy of "The Art of the Deal". It's great! I really like how he goes through his typical week.... It mostly seems to be phone calls, to organize and get things done! With a personal meeting also thrown in here and there. :)

> Do I recommend Creating Wealth?

> Yes I do.

> And BTW, today I ordered a copy of another
> of his books called "Nothing Down for
> the 90s".

Thanks for recommending these, Michael.

By the way, back on to property, a friend of mine is doing unbelievably well in property. He started only three years ago. In those three years, he acquired a piece of land, and also a house. He recently sold the land for a nice profit, and is looking to buy TWO more houses. (Financed by bank loans.) His one house is giving him a nice little income.

I'll write how he did it (I asked his permission to write his story on the forum, and he said okay). I'll write it in a new message at the top.

How this relates to books is that he essentially uses the techniques that Robert Kiyosaki talks about in his "Rich Dad Poor Dad" series of books.

> And while we're on books... have you read
> BUFFETTOLOGY? I picked it up today while
> ordering Nothing Down For The 90s.

I have it, and I've read bits of it. It's got some good stuff. I personally think I prefer The Warren Buffett Way, but I know that some people prefer Buffettology....

Buffettology has a lot of stuff which isn't in the Warren Buffett Way. For example, they tell exactly how Warren Buffett started, by forming limited partnerships with many wealthy individuals (like doctors and lawyers). Buffett was the general partner who was in charge of the investments, and he made money if the partnerships made over a certain percentage return.

> I haven't heard of the book, but have heard
> of the technique. Isn't it where you tie up
> the sale of the property for a defined
> period of time and cross your fingers that
> you can sell it before the time is up, or
> something like that? (I believe buying
> real-state using an option is being done in
> the US)

Well, I haven't fully read the section on that yet, I pretty much have only skimmed through it now, but the idea is something like that. You spend a little bit of money tying up a property which you think is undervalued by using an option contract (for a fixed amount of time).

Then you effectively control the property, and you're able to sell it at a profit, if you can get someone to pay more than the total amount you have an option to buy it for.

You make your money on the difference.

Thanks Michael.... these are great ideas, and I really think the "check list" idea is a winner!

I'll share the story about my friend and his properties in a new message at the top!

- Dien